AOL names former Google executive as CEO

Time Warner, which owns AOL, named Tim Armstrong to the position. Armstrong was president of the Americas operations at the search engine company.

He replaces Randy Falco, who's also AOL's chairman. Falco, along with Ron Grant, AOL's president and chief operating officer, are leaving AOL.

Falco, a veteran television executive, was put in charge of AOL in November 2006. Now this new round of management changes could signal an AOL spinoff. Time Warner CEO Jeff Bewkes has said he's open to a merger of sale of its AOL division.